Bengaluru: The taxi service providers in India continue to raise big funds as Uber, the California-based multi-national taxi service, raises $1 billion in a Series F funding round led by Microsoft and the Times of India Group’s digital arm, Times Internet. Earlier this year, the company had raised $1 billion from Foundation Capital and Times Internet, and $1.6 billion from Goldman Sachs in February and January respectively. The new fundraising endeavor takes Uber’s total funding to a massive $5.3 billion, valuing the company at over $50 Billion.
The company will be utilizing the raised capital to expand its business operations to major cities across the world and is also planning to invest $1 billion exclusively to strengthen their Indian operations, and to develop new payment solutions.
Uber was founded in 2009 by Travis Kalanick – a serial entrepreneur & an active angel investor – and Garrett Camp, a MIT Technology Review’s TR35 award recipient. The platform has also made the processes of booking a cab easier and hassle-free, through its mobile app. As of now, the company operates in 310 cities across 57 counties and offers its services in 11 cities across India namely – Ahmedabad, Bangalore, Chandigarh, Chennai, Hyderabad, Jaipur, Kochi, Kolkata, Mumbai, New Delhi and Pune.